The Crypto Asset Merchant Bank Galaxy Digital Invests in Everipedia

Galaxy Digital, the full crypto asset merchant bank that has been recently launched by Bitcoin Bull and Investor, Mike Novogratz, seems to be executing quickly on a roadmap of its own.

The bank has recently raised a round of 250 million for its venture through a private placement offering and has wasted no time in taking actions.

It has partnered with Block.one to launch a joint venture for a new $325 million EOS.IO Fund. Furthermore, it will be conducting a series of actions to be publicly listed and traded on a Canadian exchange by the end of this first quarter.

Deployment of Capital

Galaxy Digital continues taking actions, and one of the first investments have been in Everipedia, a project that seeks to compete and improve upon the architecture and interface of the Wikipedia platform.

Everipedia has been around since 2014 and has raised funding from Mucker Capital and Kami Parsa in 2015, they were able to raise further capital from David Segura and David Petersen in that same year. They were then able to raise funding from wefunder.com in 2016, valuing the company at 22 million dollars.

The latest round of funding is classified as their Series A in which they have seen a $30 million investment to be hosted on EOS platform and continue their work in a decentralized fashion.

Changes and shift to decentralization

The company was able to bring onboard the co-founder of Wikipedia, Larry Singer, who has joined as the Chief Information Officer.

According to Everipedia:

“Sanger and the Everipedia team claim to be working on using distributed ledger technology to create a peer-to-peer backend for the platform, including a tokenized governance system.[92] On December 6, 2017 Everipedia announced that they would be moving the entire process of editing and storing articles onto the EOS blockchain and IPFS .”

Everipedia, for its part, will use the funding to further their operations and has plans to distribute tokens through an airdrop format to EOS token holders. These tokens should incentivize further growth in the platform as more users flock to take advantage of the new monetary benefits that are to be deployed shortly.

Tokens are supposed to allow for a form of regulation, making it to where individuals who want to make edits on the site will have to “stake” a token. If the user seeks to harm in some editorial manner, they would lose their token and would be thus disincentivized to act maliciously. Those who behave well and conduct community approved edits will receive their token plus some more tokens.

Sanger commented:

“In the era of fake news and a general distrust in central entities like governments, corporations and the media the world stands to benefit enormously from a decentralized and uncensorable knowledge base.”

About Everipedia

The platform was founded in December 2014 by Sam Kazemian who later brought Mahbod Moghadam, co-founder of Rap Genius, onboard to help lead and progress the vision. Everipedia competes with Wikipedia and is based in the Westwood Village neighborhood of Los Angeles, California.

The company states that this is the online encyclopedia reinvented for the modern age.

Everipedia is the next generation encyclopedia rebuilt for the modern age. With over 6 million articles and counting, it’s already the world’s largest English encyclopedia by content. Everipedia is free from ads and free to use for everyone under creative commons.

Everipedia’s platform allows users to create articles about anything that can be accurately cited. Its name is a portmanteau of the English words ‘everything’ and ‘encyclopedia.’

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By | 2018-02-17T18:43:34+00:00 February 17th, 2018|Cryptocurrency News|0 Comments

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